Sy Siblings Top Forbes Asia’s 2024 List of Wealthiest Filipinos Despite Peso’s Decline

The Sy siblings, successors of one of the Philippines' largest conglomerates, will remain the wealthiest individuals in the country in 2024, according to Forbes Asia. Despite a devalued peso and slight net worth decline, their combined fortune still tops the list at $13 billion.

Sy Siblings Remain Philippines' Wealthiest in 2024 as Peso Decline Impacts Nation's Top Fortunes

According to Forbes Asia, the Sy siblings, the successors of one of the largest conglomerates in the Philippines, will remain the wealthiest individuals in the country in 2024.

Forbes Asia reported that the devalued peso, which impacted numerous of the country's wealthiest individuals, resulted in a slight decrease in their combined net worth this year, from $14.4 billion in 2023 to $13 billion.

“While the country’s benchmark stock market index gained 2% since fortunes were last measured, the peso fell 6%. As a result, more than half of the country’s 50 richest are less wealthy this year,” Forbes Asia said on August 8.

Here’s a list of the Philippines’ top 50 most affluent in 2024, according to Forbes Asia.

The combined wealth of the country's top 50 wealthiest individuals is $80.8 billion, nearly identical to the $80.4 billion reported in 2023.

Lance Gokongwei and his siblings, ranked seventh in 2023 with a net worth of $3.15 billion, were removed from the top 10 list in 2024 due to the impact of weaker global prices and operational costs on their petrochemical’s unit. On the other hand, Lucio and Susan Co of Puregold were included in the list this year.

Additionally, Enrique Razon Jr., a billionaire in the ports industry, achieved a new ranking of second place, facilitated by the global commerce rebound and the appreciation of the dollar. In 2024, his net worth increased from $8.1 billion the previous year to $11.1 billion.

In the interim, Villar's net worth increased from $9.7 billion to $10.9 billion despite a slight decline in rankings due to the debut of his new high-rise project.

Ramon Ang Shifts San Miguel's Focus to Infrastructure, Boosting His Net Worth by $400 Million in 2024

On the other hand, Ramon Ang of San Miguel Corporation is redirecting the organization's attention from its conventional food and beverage operations to infrastructure development. In 2024, Ang's net worth increased by $400 million to $3.8 billion. Additionally, the food and beverage company secured multi-billion-peso proposals for infrastructure projects in the country, including the contracts to operate Ninoy Aquino International Airport and construct the new Bulacan airport.

The combined wealth of the country's top 50 wealthiest individuals is $80.8 billion, nearly identical to the $80.4 billion reported in 2023. According to Forbes Asia, the minimal net worth required to be included in the 2024 list was $170 million.

Eusebio Tanco, an education magnate with a net worth of $605 million, ranked 25th in 2023. He capitalized on the government's crackdown on illegal offshore gaming firms by acquiring DigiPlus Interactive, an online gambling company. This is in stark contrast to Tanco's STI Education business. Two years after launching his bingo parlor online, Tanco is currently valued at $815 million and occupies the 22nd position.

After four years, Edgar Saavedra, a construction magnate, has returned to the list, where he currently occupies the 43rd position. Citicore Renewable Energy Corporation, headquartered in Saavedra, recently debuted on the local stock exchange, raising P5.3 billion to fund its initiatives.

Michael Cosiquien, Saavedra's erstwhile business partner and co-founder of Megawide Construction, is also back on the list at number 48. Now, ISOC Holdings is managed by Cosiquien and operates in the energy, infrastructure, property, and logistics sectors. Cosiquien's ISOC Cold Chain Logistics, or ORCA, was intended to debut on the stock market in November 2022 with a P1.6 billion IPO; however, this did not transpire.

Philip Ang, a director of Nickel Asia, was ranked 46th with a net worth of $225 million in 2023. Mariano Martinez, a low-cost housing developer at 8990 Holdings, was ranked 48th with a net worth of $205 million last year. Martinez was removed from this year's list.